Mumbai-headquartered Marksans Pharma Ltd has acquired Time-Cap Laboratories Inc, New York, according to a stock market disclosure. The deal amount remained undisclosed.
Founded in 1979, Time-Cap manufactures solid dose generic pharmaceuticals like private label over-the-counter (OTC) medications, generic prescription drugs and nutritional supplements. The company has a facility in Farmingdale, New York, from where it manufactures 50 unique products including tablets, capsules and pellets.
Its average annual revenue was $30 million per annum over the last four years and had average annual adjusted EBITDA of $4 million in the same period. Marksans said the acquisition would be EPS accretive.
"This strategic acquisition helps Marksans expand its manufacturing capabilities along with product portfolio and penetration into the US," said Mark Saldanha, managing director and CEO of Marksans.
Marksans is engaged in R&D and offers contract research and manufacturing services (CRAMS) to global pharmaceutical companies. It focuses on OTC and prescription drugs across oncology, gastroenterology, antidiabetic, antibiotics, cardiovascular, pain management, gynaecology, etc.
Marksans' revenue rose over 26 per cent to Rs 800 crore and its net profit shot up over 51 per cent to Rs 109 crore in the year ended March 31, 2015.
Shares of Marksans were trading at Rs 67.70 each, up 6.28 per cent on BSE in a strong Mumbai market on Wednesday at 12.54 PM.